LONDON -- The FTSE 100 set a new high of 6,184 points today and finished just a few points down from that at 6,179 -- down about two points for the day. That takes the FTSE's record to 15 consecutive days above 6,000 and nine days above the 6,100 level. And as for the first day above 6,200? I wouldn't bet against it happening this week.
When the FTSE is hitting new highs almost daily, it's no real surprise that individual shares are doing the same thing. Here are three constituents of the FTSE indexes that reached new closing highs yesterday.
Shares in investment manager BrewinDolphin Holdings hit a new closing high yesterday of 222 pence, up 50% over the last 12 months, illustrating again how the financial sector has come bouncing back.
Forecasts are fairly modest for the year to September 2013, putting the shares on a forward price-to-earnings ratio of 16, which is a bit above the long-term FTSE average of about 14. But 2014 forecasts suggest earnings growth of more than 15%, dropping the P/E to 13. Forecasts that look so far out need to be treated with caution, of course, but it is indicative of renewed long-term optimism for financial stocks. There are also expected dividend yields of 3.5% and better.
Telford Homes is the latest of the homebuilders to hit a new 52-week closing high, finishing yesterday at 212 pence. That means the share price of Telford, which specializes in London residences, has more than doubled in a year.
Interim results released at the end of November were strong, though there is a fall in earnings expected for the full year to March, putting the shares on a P/E of 17.5. But 2014 forecasts for a 50% rise in earnings drop that right down to 11.5.
Devro, the maker of collagen-based and other casings for the food and cosmetics industries, is the last of our three to achieve a new 52-week high, reaching 341 pence at yesterday's close. That takes the shares up nearly 30% over the year following a number of years of steady earnings growth.
There's a pretty flat year to December 2012 expected, but forecasts suggest a return to steady growth for this year and next. Full-year dividends for 2012 and the next two years are expected in the 2.5% to 3% range.
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The article 3 FTSE 100 Shares Hitting New Highs originally appeared on Fool.com.
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